11-5-2018
De Beers Group announced that it has successfully tracked 100 high-value diamonds’ journey digitally from mine to retail using its new blockchain platform, Tracr™.
The platform is expected to launch later this year and will be open to the industry, provides confidence to consumers that the diamonds are natural and conflict-free, improve visibility and trust within the industry and enhance efficiencies across the diamond value chain, according to the De Beers. “Technology has already significantly contributed to improving transparency within the diamond industry,” said Amit Bhansali, managing director of Rosy Blue.
A unique Global Diamond ID stores basic information such as carat, colour and clarity through integration with the participants’ existing record-keeping systems. Tracr™ verifies the uploaded data at each key milestone of a diamond’s journey - ensuring its accuracy and continuity - while enabling users to be in full control of what they share with other participants through the use of privacy controls.
“Five leading diamond manufacturers – Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel – have been working with De Beers during the development of Tracr™ and have played an integral role in creating the first blockchain platform to span the entire diamond value chain. The manufacturers have significant experience in the processing of large stones, which is the initial focus of the pilot, as well as broad coverage across the midstream of the industry,” said Bruce Cleaver, the CEO of the miner.
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